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An NFT is a data file, stored on a type of digital ledger called a blockchain, which can be sold and traded. [8] The NFT can be associated with a particular asset – digital or physical – such as an image, art, music, or recording of a sports event. [9] It may confer licensing rights to use the asset for a specified purpose. [10]
VeKings art NFTs facilitate the buying, selling, and ownership of digital art on blockchain platforms, enabling artists to monetize their digital creations without physical reproduction. NFTs have enabled a notable shift in the economic dynamics of digital art transactions, allowing artists to receive compensation that potentially reflects the ...
Decentraland was created by Argentine developers Ari Meilich and Esteban Ordano, [1] and has been in development since 2015. [13] When it launched in 2017, parcels of digital land sold for about $20, [14] and mana tokens sold for $0.02. [1]
Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis, [1] known for its in-game economy [2] which uses Ethereum-based cryptocurrencies. [3] It has been called "a pyramid scheme that relies on cheap labor from countries like the Philippines to fuel its growth."
OpenSea is an American non-fungible token (NFT) marketplace headquartered in Miami. The company was founded by Devin Finzer and Alex Atallah in 2017. [1] [2] OpenSea offers a marketplace online allowing for non-fungible tokens to be sold directly at a fixed price, or through an auction.
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Bored Ape Yacht Club (BAYC), often colloquially called Bored Apes or Bored Ape is a non-fungible token (NFT) collection built on the Ethereum blockchain with the ERC-721 standard. The collection features profile pictures of cartoon apes that are procedurally generated by an algorithm.
[9] [10] [11] ERC-721: Non-Fungible Token Standard is credited with formalizing and defining the term NFT. [12] During the standard's drafting phase, lead author Entriken held a vote among the stakeholders where different words were considered including deed, title and asset, but ultimately "NFT" was chosen for the standard's final publication ...